Nifty has closed below its 200 days EMA for the second consecutive session - HDFC Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Daily Technical View on Nifty
* Nifty fell for the 7 th consecutive session to close at 16818
* Nifty has closed below its 200 days EMA for the second consecutive session
* Next support for the Nifty is seen in the zone of 16600-16700
* Close below 16600 would be considered bearish breakout on the daily chart
* Resistances for the Nifty are seen at 17000 and 17166
* Nifty Midcap and Small cap indices hovering around crucial supports. 1% loss in Indices from here would result in to medium term breakdown.
* Indicators and oscillators like RSI, MACD and DMI have been showing bearish trend for the Nifty and Bank Nifty.
* Nifty has retraced more than 38.2% of the entire rally seen from 15183(June 2022 Bottom) to 18096(Sep 2022 High)
* Next retracement support is at 50%, which is placed 16640 odd levels
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
Tag News
Nifty registers best week in 2 months after rising for 6 consecutive sessions
